ROSARIO, ARGENTINA — Bioceres Crop Solutions Corp., a leader in genetically modified HB4 wheat technology, saw its stock price fall to 40 cents per share on Sept. 15, a day after it released its fourth-quarter and fiscal year 2026 earnings report that revealed the company is still struggling financially.

The last time Bioceres’ stock price closed above $1 per share was on Jan. 28, when it finished the trading session at $1.13.

Bioceres this week disclosed that it received Nasdaq approval to transfer its ordinary shares from the Global Market to the Nasdaq Capital Market, effective Sept. 18, and was granted an additional 180 days to regain compliance with the $1 minimum bid price requirement. The move preserves the company’s US listing in the near term but underscores pressure on its share price and capital structure.

Earlier this year, Federico Trucco, chief executive officer of the Rosario, Argentina-based agricultural technology firm, said the company recorded a $179 million impairment loss following a foreclosure auction of the collateral assets of its subsidiary, ProFarm, on Jan. 20 and admitted there is growing concern about the company’s “ability to continue.”

“We are not minimizing this conclusion — it reflects real uncertainty about our ability to secure additional financing, and we are addressing it with urgency,” Trucco said at the time.

In its most recent earnings report, released on Sept. 14, Bioceres posted an 18% decline in revenue and a 21% drop in gross profit in fiscal year 2026 compared with the previous year.

Revenues were $55.9 million in the recently completed fourth quarter, broadly stable year over year, as 36% growth in Crop Nutrition offset lower Crop Protection revenues and the impact of the Seeds business reconfiguration. Fiscal year 2026 revenues were $238.3 million, with approximately half of the decline attributable to the now substantially completed reconfiguration of the Seeds business and the associated reduction in HB4-related activities.

Gross profit was $12.7 million, compared with $13.6 million in last year’s fourth quarter, including a $4 million non-recurring inventory adjustment arising from an updated assessment of inventory obsolescence. The impact of this adjustment masked improved performance across several core product categories during the quarter. Gross profit in fiscal year 2026 was $82.9 million, with improved performance in several core product categories offset by lower contribution from inoculants and higher inventory obsolescence charges.

“Fiscal 2026 was a challenging year for Bioceres, marked by the ongoing litigation with certain of our creditors and the resulting business consequences, as we have discussed in our previous reports,” Trucco said in a Sept. 14 conference call. “Against that backdrop, our priorities have been to focus the business on our core capabilities, reduce our cost structure and strengthen operating discipline.

“Fourth-quarter results provide encouraging evidence of progress. Revenues from continuing operations were broadly stable year over year, with improved performance across several of our core product categories. At the same time, the cost actions implemented throughout the year resulted in a materially lower expense base, allowing us to return to positive adjusted EBITDA.”

Selling, general and administrative expenses declined by $4.9 million in the fourth quarter of 2026, a 19% year-over-year reduction, and $22.5 million in fiscal year 2026, representing a 24% reduction versus the previous fiscal year. These reductions reflect the cumulative impact of the cost actions implemented during the year, Bioceres said.

The company saw its net loss from continuing operations improve from $54.4 million in fourth quarter of 2025 to $31.8 million in this year’s fourth quarter. Adjusted EBITDA improved from a $9.6 million loss in last year’s fourth quarter to a gain of $600,000 in fourth quarter of 2026, mainly supported by the lower operating expenses, the company said.

For the year, Bioceres sustained a net loss from continuing operations of $54.4 million compared with $49.1 million in 2025, while Adjusted EBITDA was $25.5 million compared with $28.9 million last year.

Bioceres, which developed its patented HB4 drought-tolerant wheat in 2004, conducted field trials beginning in 2009 and intensified its breeding and regulatory work beginning in 2013.

HB4 first gained regulatory approval in Argentina in 2020 and has since led to cultivation authorization in Argentina, Brazil, Paraguay and the United States. It also is approved for food and feed import in Australia, New Zealand, South Africa, Nigeria, Indonesia, Colombia, Chile and others.

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Arvin Donley is editor of World Grain. He has been at Sosland Publishing Company since 2005, covering the grain, milling and feed industries. He is a 1989 graduate of the William Allen White School of Journalism and Mass Communications at the University of Kansas.

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